Defaulted student loan – how to undefault it!?
Ok I know right off the bat you are thinking that I defaulted on a loan, I’m irresponsible, and do not deserve your answer- please don’t judge, just read on. I have CitiAssist private loans that my father cosigned for me when I was in school. Upon repayment, I was making regular, on time payments, but I filed for bankruptcy due to credit card debt. During the bankruptcy I wished to continue paying my loans, but because of having a cosigner Citi Bank would not speak to me, only the cosigner. Problem was, my cosigner, my father, passed away in 2007- at which point I DID say them and send them a death certificate. Upon explaining this to them yet again and having to rehash all of the painful details, they made me send another death certificate, which I did. In the meantime, of them not releasing any in rank to me, my loans went into default status. I have every intention of paying back the loans, but I do not feel that it is honest or ethical that they went into default status to start with as I was trying to pay them to keep them in excellent standing. This has further ruined my credit and I want to try and remedy the situation. Can anyone provide any suggestions? Just to be clear to others who may want to post sarcastic, not helpful answers, in case I was not clear enough, my loan SHOULD NOT have gone into default, the company was not allowing me to make payments, they wanted to speak with my cosigner who passed away in 2007.the only way to get a loan out of default is to pay it off. Duh
I’m very sorry for your loss. What I suggest you do (as I myself have had many problems with banks) is call Citi bank and question to speak to a supervisor or manager. Or go to the nearest one to you. Try not to sound demanding or mad, as this will only hurt your situation. Explainto them your situation and question why they did that, even though you made your payments on time. It is absolutely NOT right for them to do that. If you have a family lawyer, speak to them and have them consult with your bank. Banks will do nearly anything to get back as much money as they can since the banking laws have changed substantially in favor for the consumer. Continue to speak to someone until they get the thought that you are a responsible person who has not missed a payment, or such. Again, I’m sorry this has happened. Banks are the absolute worst. Best of luck.
You may be able to sue them under debt collections laws or credit reporting laws. Look for a consumer rights attorney through NACA.org.
Who pays a lot for they’re student loans?
I have a loan with citiassist and it was at $ 57,000 and now its at about $ 47K, I pay $ 600 a month for it !!! I cvannot consolidate bc its a private loan and not a federal loan…is there anyway i can get rid of this quicker?? or is there some sort of money that i couldve gotten from the gov’t and did not know about?My ex consolidated his private loans, I don’t know who told you that you can’t, any credit based debts should be able to be consolidated. Have you tried contacting a credit counseling agency and see what they say?
Probably could have gotten a different loan, but that’s passed now. Look at refinancing with your bank or other lending company. I paid off my 38k in two years after getting a loan to consolidate my credit cards that I had used to pay tuition and for food. The prime thing you want to do is lower your interest rate. Elongate the payment plot if you need to, as most plans will let you pay off your loan early to reduce the amount of interest you are paying.
Check out the following website: http://www.finaid.org/loans/privateconsolidation.phtml. They have an extensive list of private consolidation lenders who are huge names in the private loan industry. They offer a variety of programs that may help bring down your student loan payments making your monthly payment simpler to handle. Excellent luck!
Federal Stafford loan vs. Alternative Loan Interest rates??
okay I’m new to student loans, so here goes…. I read everywhere to take the max of federal stafford loans before going to alternative loans due to a lower interest rate. So tell me which is better $ 5000 Unsub. federal loan – fixed interest rate 6.8% or $ 5000 Citiassist loan – Prime +1%. Current prime is 6% – no additional feesUnsub Federal Loan is fixed. Citiassist Loan is variable. Fixed interest rate can never change. Variable can. Federal Loan is better.
Right now the Federal loan is better by .2%. Plus, it stays the same. The other rate may you down, but it also may go up. I’d stay with Federal.
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